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Can technology propel SMEs to intl stage?Today, the business playground for small and medium enterprises is no longer India. It is even more inevitable that SMEs get the kind of infrastructure, which developed countries provide. So, can technology be leveraged to make sure that you can compete with the best in the world in the best possible manner?Source: Moneycontrol Top Headlines | 22 Oct 2008 | 3:04 pm UN sets up task force to review global financial system!UN General Assembly President Miguel d`Escoto has set up a high-level task force to review the global financial system, including structures of major institutions such as the World Bank and IMF, in response to the current turmoil in the financial markets.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm India`s short-term outlook cloudy; medium-term +ve: PM!Prime Minister Manmohan Singh on Wednesday Indian economy has the resilience to sustain a growth momentum in the range of nine per cent in the medium-term though the short-term outlook looks "cloudy" due to the impact of global economic crisis.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm Airlines get 5 months to clear dues!Indian carriers troubled by a financial crunch on Wednesday got time until March 2009 to clear their dues, estimated at about Rs 2,500-2,800 crore, to oil companies in equated monthly instalments.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm Wipro says clients` decision making delayed !Wipro Ltd, India`s third-biggest software services exporter, missed estimates with a 1.2 per cent rise in quarterly net profit on Wednesday, joining their rivals in giving a muted forecast due to deteriorating global economic conditions.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm Tara Ultimo to come up with 50 outlets in next two years!Mumbai-based Tara Ultimo, a company manufacturing and retailing in jewellery, plans to come up with 50 outlets across India in the next two years, a top company official said.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm Sensex down 438 points at midsession!The Bombay Stock Exchange benchmark Sensex plunged by over 438 points at midsession on Wednesday on heavy selling by funds on fears of a global recession and dismal quarterly results by leading corporates.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm Oil falls below $70 on recession fears!Oil prices fell below $70 a barrel on Wednesday in Asia as investors shrugged off a looming OPEC production cut after company forecasts suggested the US may be headed for a severe economic slowdown that crimps crude demand.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm Global stocks fall on earnings outlook, US dollar firm!Asian stocks fell on Wednesday as poor US corporate results and falling commodity prices fanned worries of a protracted global economic slowdown.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm Fiscal deficit may exceed target: FM!India may surpass the budget targets for fiscal and revenue deficit this financial year as the global economic crisis continues to exert pressure.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm Rupee falls by 25 paise against US dollar in early trade!The Indian rupee plunged by 25 paise against the greenback in early trade on Wednesday following increased dollar demand from importers and capital outflows by foreign funds.Source: Zee News : Business | 22 Oct 2008 | 1:29 pm NTPC to raise $500m via overseas loansNTPC plans to raise Rs 2,000 crore from domestic market and USD 500 million via overseas loans in FY09, reports CNBCTV18, quoting NewsWire18.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 11:26 am Bajaj Elect July-Sept net down on high costsMUMBAI (Reuters) - Bajaj Electricals Ltd on Wednesday reported a 7.4 percent dip in net profit for the quarter to September on high interest and inputs costs, a senior official said.Source: Reuters: Money News | 22 Oct 2008 | 10:46 am POLL - Mutual funds to cut cash; eye banks, engineeringMUMBAI (Reuters) - Indian fund managers may cut cash and invest mainly in banking and engineering shares as they find current valuations comfortable and expect the stock market to rise in the next three months, a Reuters poll shows.Source: Reuters: Money News | 22 Oct 2008 | 10:36 am India Inc sees more easing in Repo Rate by RBI: ASSOCHAM - India Infoline.com
Source: Google News India - Business | 22 Oct 2008 | 10:36 am Airlines get time till Mar’09 to clear dues in EMIsNew Delhi: Indian carriers troubled by a financial crunch today got time until March 2009 to clear their dues, estimated at about Rs2,500-2,800 crore, to oil companies in equated monthly installments. The decision was taken at a meeting called by Petroleum Minister Murli Deora with airline bosses and Civil Aviation Minister Praful Patel to work out ways to help airlines stay afloat without hurting the interests of oil firms. Patel told reporters that it was decided that oil companies would extend the credit period on jet fuel purchase to 90 days from 60 now (applicable till March 2009), as also allow airlines to clear dues in EMIs by March 2009. Kingfisher Airlines Chairman and CEO Vijay Mallya, Jet Airways Executive Director S K Dutta and Air India Chairman Raghu Menon were among those who attended the meeting. The meeting was necessitated as some airlines, including Jet, have defaulted on payments at the end of their 60-day credit period on Aviation Turbine Fuel purchase. Representatives from state-run oil firms Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum and Finance Ministry officials also attended the meeting. Source: Home - Livemint.com | 22 Oct 2008 | 10:34 am Equities end sharply lower; Sensex down 500 pts - Economic Times
Source: Google News India - Business | 22 Oct 2008 | 10:32 am Norway to invest $2 b in Indian stocks - Sify
Source: Google News India - Business | 22 Oct 2008 | 10:31 am Economic downturn hits Jharkhand sponge iron factoriesThanks to the economic downturn, most of the sponge iron factories in Jharkhand are either closing down or reducing production drastically.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 10:31 am India's growth outlook hazy, RBI ready to act - PMNEW DELHI (Reuters) - India's economic expansion could lose momentum this year because of the global financial crisis, but should get back to its 9 percent growth trajectory when normalcy returns, the prime minister said on Wednesday.Source: Reuters: Money News | 22 Oct 2008 | 10:29 am Areva T&D bags Rs221 cr order from SAILPTI Mumbai: Electrical equipment maker Areva T&D India today said it has bagged a 35 million-euro (Rs221 crore) order from state-run Steel Authority of India to provide transmission and distribution services to its unit. The order includes providing Bhillai Steel Plant, a flagship unit of SAIL, with a 132 KV gas insulated sub-station, besides offering protection, control and monitoring system for the existing ones, Areva T&D India said in a filing to the Bombay Stock Exchange. The project is scheduled to complete by October 2010. “The transmission and distribution markets in India is booming. Thanks to the support of our sales network covering the entire country, we were able to match our customers’ expectations,” Areva T&D India Country President and Managing Director Rathin Basu said. Shares of the company were trading at Rs183.40 on the BSE. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 10:26 am POLL - Inflation seen at 11.35 pct on Oct 11MUMBAI (Reuters) - India's annual inflation rate is forecast to have eased to 11.35 percent in the 12 months to Oct. 11 from 11.44 percent a week earlier, according to the median estimate from a Reuters poll of 10 economists.Source: Reuters: Money News | 22 Oct 2008 | 10:24 am Nigeria says would be comfortable with oil at $80 - guardian.co.uk
Source: Google News India - Business | 22 Oct 2008 | 10:23 am India’s first moon mission Chandrayaan-1 launchedSriharikota: Chandrayaan-1, India’s maiden moon spacecraft, was on Wednesday put into Transfer Orbit around the earth by the Polar Launch Vehicle PSLV-C11 about 19 minutes after it blasted off from the Satish Dhawan Space Centre here. Indian Space Research Organisation’s (ISRO) home-grown rocket PSLV-C11 lifted off at 6:22am from the Satish Dhawan Space Centre here taking the spacecraft beyond the thick dark cloud cover over this coastal town. The 1,380 kg Chandrayaan-1, carrying 11 payloads, was released into a Tansfer Orbit at a perigee (nearest point to earth) of about 250 km and apogee (farthest point from the earth ) of about 23,000 km, 18.2 minutes after the PSLV-C11 blasted off as the scientists broke into jubiliation at the mission control centre. After a series of procedures over the next two weeks, the spacecraft would reach its desired Lunar orbit and placed at a height of 100 km from the Lunar surface, marking the operational phase of the mission which would put India in the elite lunar club. Earlier, at the end of the 49-hour countdown, the 44.4 meter tall four-stage PSLV-11 lifted off from the second launch pad into a cloudy sky. This is the 14th flight of ISRO’s workhorse PSLV, which had launched 29 satellites into a variety of orbits since 1993, and 13th successive one in a row. Chandrayaan-1 is carrying 11 payloads, five entirely designed and developed in India, three from European Space Agency, one from Bulgaria and two from US, which would explore the Moon over the next two years. India becomes the sixth nation, after the US, Russia, European Space Agency, China and Japan, to send a mission to the moon. About 18.2 minutes later, ISRO Chairman G Madhavan Nair declared the launch successful which sent over a 1000 space scientists into a bout of jubiliation. “The launch was perfect and precise. The satellite has been placed in the earth orbit. “With this, we have completed the first leg of the mission and it will take 15 days to reach the lunar orbit,” Nair said. Chandrayaan-I is carrying an Indian flag which will be placed on the lunar surface when the Moon Impactor Probe lands on the moon during the course of the two-year mission. Task before Chandrayaan-1 Chandrayaan-1 aims at achieving expansion of scientific knowledge about Moon, upgradation of Indian technological capability and providing challenging opportunities for planetary research to young scientists. The objectives would be achieved through high-resolution remote sensing of moon in the visible, near infrared, microwave and x-ray region of electromagnetic spectrum. The eleven payloads, would expand various scientific knowledge about the moon. The Indian payloads included Terrain Mapping Camera, Hyperspectral Imager, Lunar Laser Ranging Instrument, High Energy X-ray Spectrometer and Moon Impact Probe. Chandrayaan-1 was built at ISRO’s Satellite Centre, Bangalore, with contribution from various wings of the space agency, including the Vikram Sarabhai Space Centre in Thiruvananthapuram. The ground facilities of Chandrayaan-I would perform the highly important task of receiving the microwave containing the health information of the spacecraft as well as the valuable scientific information, which the spacecraft sends. It also transmits the radio commands to be sent to the spacecraft during all the phases of its mission. Accolades New Delhi: President Pratibha Patil congratulated ISRO scientists on the successful launch of Chandrayaan-1, calling it a “landmark day” for the country. Patil, who is on a tour of North-eastern states, said India should aim at sending Indian astronauts to space in an Indian space capsule. Prime Minister Manmohan Singh also hailed the successful launch of Chandrayaan-I as the “first step” in a historic milestone in India’s space programme. Singh, who is on an official visit to Japan, called up G Madhavan Nair, Secretary, Department of Space and congratulated him and his team of scientists for the successful launch. Senior BJP leader L K Advani also hailed the efforts of Indian space scientists over the successful launch. The Leader of Opposition in Lok Sabha noted that the then NDA Government led by Atal Bihari Vajpayee had in 2003 sanctioned the project. Source: Home - Livemint.com | 22 Oct 2008 | 10:23 am India’s first moon mission Chandrayaan-1 launchedSriharikota: Chandrayaan-1, India’s maiden moon spacecraft, was on Wednesday put into Transfer Orbit around the earth by the Polar Launch Vehicle PSLV-C11 about 19 minutes after it blasted off from the Satish Dhawan Space Centre here. Indian Space Research Organisation’s (ISRO) home-grown rocket PSLV-C11 lifted off at 6:22am from the Satish Dhawan Space Centre here taking the spacecraft beyond the thick dark cloud cover over this coastal town. The 1,380 kg Chandrayaan-1, carrying 11 payloads, was released into a Tansfer Orbit at a perigee (nearest point to earth) of about 250 km and apogee (farthest point from the earth ) of about 23,000 km, 18.2 minutes after the PSLV-C11 blasted off as the scientists broke into jubiliation at the mission control centre. After a series of procedures over the next two weeks, the spacecraft would reach its desired Lunar orbit and placed at a height of 100 km from the Lunar surface, marking the operational phase of the mission which would put India in the elite lunar club. Earlier, at the end of the 49-hour countdown, the 44.4 meter tall four-stage PSLV-11 lifted off from the second launch pad into a cloudy sky. This is the 14th flight of ISRO’s workhorse PSLV, which had launched 29 satellites into a variety of orbits since 1993, and 13th successive one in a row. Chandrayaan-1 is carrying 11 payloads, five entirely designed and developed in India, three from European Space Agency, one from Bulgaria and two from US, which would explore the Moon over the next two years. India becomes the sixth nation, after the US, Russia, European Space Agency, China and Japan, to send a mission to the moon. About 18.2 minutes later, ISRO Chairman G Madhavan Nair declared the launch successful which sent over a 1000 space scientists into a bout of jubiliation. “The launch was perfect and precise. The satellite has been placed in the earth orbit. “With this, we have completed the first leg of the mission and it will take 15 days to reach the lunar orbit,” Nair said. Chandrayaan-I is carrying an Indian flag which will be placed on the lunar surface when the Moon Impactor Probe lands on the moon during the course of the two-year mission. Task before Chandrayaan-1 Chandrayaan-1 aims at achieving expansion of scientific knowledge about Moon, upgradation of Indian technological capability and providing challenging opportunities for planetary research to young scientists. The objectives would be achieved through high-resolution remote sensing of moon in the visible, near infrared, microwave and x-ray region of electromagnetic spectrum. The eleven payloads, would expand various scientific knowledge about the moon. The Indian payloads included Terrain Mapping Camera, Hyperspectral Imager, Lunar Laser Ranging Instrument, High Energy X-ray Spectrometer and Moon Impact Probe. Chandrayaan-1 was built at ISRO’s Satellite Centre, Bangalore, with contribution from various wings of the space agency, including the Vikram Sarabhai Space Centre in Thiruvananthapuram. The ground facilities of Chandrayaan-I would perform the highly important task of receiving the microwave containing the health information of the spacecraft as well as the valuable scientific information, which the spacecraft sends. It also transmits the radio commands to be sent to the spacecraft during all the phases of its mission. Accolades New Delhi: President Pratibha Patil congratulated ISRO scientists on the successful launch of Chandrayaan-1, calling it a “landmark day” for the country. Patil, who is on a tour of North-eastern states, said India should aim at sending Indian astronauts to space in an Indian space capsule. Prime Minister Manmohan Singh also hailed the successful launch of Chandrayaan-I as the “first step” in a historic milestone in India’s space programme. Singh, who is on an official visit to Japan, called up G Madhavan Nair, Secretary, Department of Space and congratulated him and his team of scientists for the successful launch. Senior BJP leader L K Advani also hailed the efforts of Indian space scientists over the successful launch. The Leader of Opposition in Lok Sabha noted that the then NDA Government led by Atal Bihari Vajpayee had in 2003 sanctioned the project. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 10:23 am Phoenix Group To Launch Luxury Hotels - Oneindia
Source: Google News India - Business | 22 Oct 2008 | 10:21 am Wipro Q2 Net Up 19% At Rs 978.20 Crore - TopNews
Source: Google News India - Business | 22 Oct 2008 | 10:15 am RNRL agrees to govt role in gas spat - Sify
Source: Google News India - Business | 22 Oct 2008 | 10:14 am BSE Sensex provisionally closes 5.01 pct downNEW DELHI (Reuters) - The BSE Sensex provisionally ended 5.01 percent lower on Wednesday, with Reliance Industries leading the losses.Source: Reuters: Money News | 22 Oct 2008 | 10:08 am India's growth outlook hazy, RBI ready to act - PM - Reuters India
Source: Google News India - Business | 22 Oct 2008 | 10:06 am Rupee trims losses as state banks sell dollarsMumbai: The Indian rupee recovered from a record low on Wednesday, helped by suspected central bank intervention, but further gains were prevented by heavy losses in the local stock market. At 2:50pm, the partially convertible rupee was at Rs49.30/32 per dollar, compared with Rs49.04/06 at the close on Tuesday. The rupee fell to a record Rs49.50 in early trade at which point it had shed more than 20% in 2008. Indian shares were down nearly 4% as fears of recession and deteriorating corporate earnings dragged down equity markets in the United States and Asia. Dealers said a stronger dollar overseas was also weighing on market sentiment. The dollar soared to a two-year high against the euro and a basket of currencies on Wednesday as a worsening global economic outlook prompted more investors to liquidate risky assets in favour of the US currency. Source: Home - Livemint.com | 22 Oct 2008 | 10:05 am Sensex 400 pts down on fear of global recessionMumbai: The Bombay Stock Exchange benchmark Sensex plunged by over 438 points at midsession on Wednesday on heavy selling by funds on fears of a global recession and dismal quarterly results by leading corporates. The 30-share index, which commenced the day lower by 267 points, fell further to record a loss of 438.48 points at 10,244.91 as commodity stocks declined on recessionary concerns and weak trend in global stock markets. The wide-based National Stock Exchange index Nifty dropped by 145.30 points at 3,089.60 at the same time, as most of the index-participants traded lower. Marketmen said dismal quarterly results mainly influenced the trading sentiments. They said the two-day rally in the previous two sessions was on the back of brokers covering their long pending positions ahead of the settlement in derivative segments. Source: Home - Livemint.com | 22 Oct 2008 | 10:04 am OBC Q2 net up 35% at Rs236.89 crPTI New Delhi: State-run Oriental Bank of Commerce today said it has posted a net profit of Rs236.89 crore for the second quarter ended 30 September, a 35.37% growth over the corresponding period a year ago. The bank had a net profit of Rs175 crore in the same quarter last fiscal, OBC said in a release. The total income rose 32% to Rs2,361 crore for the quarter under review, from Rs1,788.21 crore in the year-ago period. For the half year ended 30 September, the bank reported a net profit of Rs457.41 crore, a 45.58% growth over the year-ago period. OBC had a net profit of Rs314.18 crore in the six-month ended 30 September 30. The half yearly total income rose to Rs4,520.21 crore, from Rs3,468.55 crore in the same period last year. At the end of the September quarter, the bank had a capital adequacy ratio of 12.03%, it said. Shares of OBC were trading at Rs157.50, down 2.14% in the late afternoon trade on the Bombay Stock Exchange. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 9:58 am Air India CMD censured by govt for leave-without-pay plan - Business Standard
Source: Google News India - Business | 22 Oct 2008 | 9:53 am Bleak global outlook rattles Indian marketsMUMBAI (Reuters) - The rupee plunged to a record low against the dollar and shares wilted on Wednesday on fears that foreign investors would keep pulling funds out of the country as they batten down for a severe global slowdown.Source: Reuters: Money News | 22 Oct 2008 | 9:44 am US Treasury sees economic recovery in late ‘09Hong Kong: US Treasury Undersecretary David McCormick said on Wednesday the US economy is in for a challenging few quarters but could start to recover late next year. “The coming quarters will be very challenging,” McCormick told a lunch in Hong Kong. He said, however, that the US economy was resilient despite challenges posed by turmoil in the financial sector. “Our hope is that (the US economy) will turn upward toward the end of 2009,” he said. Financial markets had responded positively in some ways to concerted action by governments around the world to calm financial turmoil, but much work remained, he said. “The name of the game is to bring back confidence to the financial market,” he said. US government action in the past two months, including giving the US Treasury broad authority to buy and insure mortgage assets and equity securities from financial institutions, had helped stabilise financial markets. If the Treasury had had such authority in September, the outcome for Lehman Brothers, which the US government let collapse, might have been different, he said. “There was no obvious buyer (for Lehman),” McCormick said when asked why Lehman Brothers was allowed to collapse but rival investment bank Bear Sterns was saved. “Lehman also had a much bigger balance sheet and the US Treasury did not have the authority it has now,” he said. “If the Lehman situation was now, it might have been a very different outcome.” Glenn Hubbard, a former senior economic adviser to US President George Bush who was also in Hong Kong on Wednesday, said the US was probably already in a recession that could rival that of 1981-82, but was not heading for a depression scenario. As the US housing market was the root of the economic and financial turmoil, Hubbard said the US government should buy negative equity mortgages from the private sector and fund the mortgage market to restore mortgage rates to levels of around 5 percent. That could push up home prices by 10% in the next year, he said. Mortgage losses in the United States total between $500 and $600 billion but banks had already written off a good chunk of that, Hubbard said. “It’s possible the government would need to spend no more than $200 billion,” he said. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 9:28 am Recession fears swamp signs of bank crisis easingLONDON (Reuters) - Fears of global recession and a flight from emerging markets overshadowed signs on Wednesday that government attempts to end the gravest financial crisis in 80 years may be bearing fruit.Source: Reuters: Money News | 22 Oct 2008 | 9:25 am Airlines get time till Mar’09 to clear ATF dues in EMIsBy PTI New Delhi: In a relief to Indian carriers troubled by a financial crunch, the government today gave them time till March next year to clear a total fuel bill outstanding of Rs2,962 crore in six equated monthly installments to oil companies. The carriers have been given extension of their credit period to 90 days as against 60 days at present (applicable till March 2009). Besides, the prices of aviation turbine fuel (ATF) will henceforth be revised every fortnight in order to adjust to the volatile international crude prices. The decision was taken at a meeting called by Petroleum Minister Murli Deora with the Federation of Indian Airlines and Civil Aviation Minister Praful Patel to work out ways to help airlines without hurting interests of oil firms. “One of the major issues was the dues that the airlines owed to oil public sector units, which needed to be resolved.. and it was becoming a vexed problem,” Patel told reporters here. The country’s airlines had a total outstanding bill of Rs2,926 crore, out of which Rs2,131 crore was defaulted beyond credit period. Jet Airways has an outstanding of Rs1,576 crore, out of which Rs321 crore is beyond credit limit. Kingfisher Airlines has a due of Rs983 crore of which Rs924 is beyond the credit period. National Aviation Company of India Ltd (NACIL), which does not have any credit period has an outstanding of Rs886 crore. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 9:20 am Yes Bank Q2 net up 40% at Rs64 crPTI Mumbai: Private sector lender Yes Bank today said its net profit for the second quarter ended 30 September grew by 40.50% at Rs63.62 crore over the corresponding quarter last fiscal. The bank registered a net profit of Rs45.28 crore in the second quarter of FY’08, Yes Bank said in a filing with the Bombay Stock Exchange. Total income for the quarter under review rose to Rs569.93 crore from Rs379.38 crore in the year-ago period. “In the recent market environment, Yes Bank has preserved to ensure highest credit quality of assets while sustaining income and growth objectives,” Yes Bank Managing Director and CEO Rana Kapoor said. Shares of the company were trading at Rs 80.05, 0.44% in afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 9:20 am Oil below $70 as demand worries trump OPECLONDON (Reuters) - Oil fell below $70 a barrel on Wednesday, pressured by a gloomy outlook for the global economy that could limit the impact of any supply cuts OPEC might agree at a meeting on Friday.Source: Reuters: Money News | 22 Oct 2008 | 9:14 am Indian clinics woo "fertility" tourists as medical travel boomsNew Delhi: “We are actively recruiting egg donors!” reads the advertisement on the website of one of India’s top in-vitro fertilisation clinics. “Our patients are happy to pay generously for your generosity! They pay you up to Rs40,000 ($800) every time you donate”. A lack of regulation surrounding fertility services in India and the lucrative returns on offer to those that provide them has turned India into a popular hub of “IVF tourism”. Childless couples from overseas are attracted by the relatively low-cost treatment, as well as “friendly rules” when it comes to egg donors and surrogate motherhood. According to the private Indian Society for Assisted Reproduction (ISAR), there are some 400 IVF clinics in the country, providing an estimated 30,000 assisted reproductive treatments a year. There are no precise estimates for what percentage are taken up by foreigners, but doctors say overseas demand is fuelling a boom. “Nearly half of our patients come from overseas. Of them, nearly half are of Indian origin,” said Aniruddha Malpani, whose IVF clinic in Mumbai is considered among the country’s best. A full IVF cycle at the Malpani clinic costs $4,500, including medicines. In the United States, the average cost is $12,400, according to the American Society for Reproductive Medicine. Malpani offers a top-end service, but the same treatment is available from other Indian clinics at less than half the price. While cost is a big factor in drawing people from abroad, equally important is the lack of effective regulation. “India has friendly rules. There are no restrictions on egg donation,” said Manish Banker, vice president of the ISAR. In Britain, the British Human Fertilisation and Embryology Authority (HFEA) has outlawed payments to surrogates and British IVF clinics allow doctors to implant only two embryos into the uterus in a treatment. In India, five implants are allowed, substantially increasing the chances of pregnancy, and there is no shortage of egg donors. “Attitudes towards egg donation are changing fast. Thirty years ago, Indians would balk at the idea of donating blood to a stranger, but now they don’t,” said Malpani. A majority of Indian egg donors are housewives who are paid between Rs6,000 and Rs40,000 ($120-800), depending on their education level. Many of the women come from poor families. Among the foreigners seeking fertility services in India, a good number are couples of Indian origin who come home to look for an Indian donor. “Having a baby is an emotional issue,” said Malpani, who runs the clinic with his wife Anjali. “These people should be called reproductive exiles, not reproductive tourists. No one likes to travel for medical treatment,” he said. Critics, however, say the absence of regulation poses health dangers, as well as ethical issues about “rent-a-womb” exploitation. “This business is like any other outsourcing industry. The only difference is the treatment offered here is very poor,” said Puneet Bedi, a specialist in foetal medicine at New Delhi’s Apollo hospital. “Doctors here take short cuts, they implant more embryos than needed which multiplies risk to the mother.” A draft bill on assisted reproduction has been drawn up and is expected to be tabled in parliament soon, but women’s health activists argue that it is aimed more at promoting a lucrative business than addressing health and ethical concerns. “It was getting embarrassing for the government to keep saying there is no law in the country, so they had to come up with something,” Bedi said. On the back of a booming industry, medical companies have launched special deals that offer a range of health and travel services targeted at foreigners. Right from arranging the medical visa - which was introduced three years ago to boost medical outsourcing - to providing recuperation holidays, companies like Mumbai-based Forerunners and Delhi’s Life Smile take care of all requirements. “Most people who come to us, especially for IVF, go in for a travel package too, since they have come all the way to India,” said Kamal Parpyani, managing director of health tourism company Life Smile. According to a 2004 study, India could earn as much as $2 billion annually by 2012 through medical tourism, including from fertility services for overseas patients. Doctors say Indians will benefit not just from the revenue, but also a reduction in the cost of expensive treatments as demand and competition grows. “It’s a market economy. The bad doctors will be weeded out and benefits will trickle down to people in smaller towns,” Malpani said. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 9:10 am Samsung withdraws bid to acquire SanDiskAP Seoul: Samsung Electronics Co. said Wednesday it has withdrawn a $26 a share bid to acquire SanDisk Corp., but suggested it was still interested in buying the U.S. flash memory card maker at a lower price. In a letter dated and released Wednesday, Samsung Vice Chairman and CEO Lee Yoon-woo informed SanDisk’s board that “we are no longer interested in acquiring SanDisk at $26 a share.” The letter said the offer was being withdrawn “after nearly six months of efforts to pursue a transaction with no meaningful progress.” Milpitas, California-based SanDisk, which last month rejected the bid, said in a statement Wednesday that Samsung’s announcement came despite SanDisk having outlined a path for further discussions of the offer. Samsung never contacted SanDisk regarding the proposal after SanDisk’s board wrote a letter to Samsung on 15 September, the statement said. “We believe this raises questions about the real motivations behind Samsung’s offer,” SanDisk said. In rejecting the bid, Sandisk’s board had determined the $5.85 billion takeover bid was “inadequate in multiple respects” and “opportunistic.” Suwon, South Korea-based Samsung had said the offer was “full and fair.” Samsung spokesman James Chung said Wednesday that a deal could still be done. “The point is at the moment SanDisk has been reluctant to begin serious discussion about the M&A issue,” he said. SanDisk is the world’s largest supplier of flash storage card products. Samsung is the world’s largest manufacturer of NAND flash memory chips used in digital devices such as cameras and music players. In his letter, Lee told SanDisk that Samsung had determined that acquiring the company amid what he called “growing uncertainties in your business” went against “obligations to our own shareholders.” Lee cited SanDisk’s third-quarter earnings results and its relationship with Japan’s Toshiba Corp. as points of concern. SanDisk announced Monday it had posted a loss of $155 million in the third quarter on a drop in revenue as excess inventory forced it to cut prices. The company said earlier that day it would sell to Toshiba, a Samsung rival, about 30% of the manufacturing capacity of their joint ventures. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 9:09 am Samsung withdraws bid to acquire SanDiskAP Seoul: Samsung Electronics Co. said Wednesday it has withdrawn a $26 a share bid to acquire SanDisk Corp., but suggested it was still interested in buying the U.S. flash memory card maker at a lower price. In a letter dated and released Wednesday, Samsung Vice Chairman and CEO Lee Yoon-woo informed SanDisk’s board that “we are no longer interested in acquiring SanDisk at $26 a share.” The letter said the offer was being withdrawn “after nearly six months of efforts to pursue a transaction with no meaningful progress.” Milpitas, California-based SanDisk, which last month rejected the bid, said in a statement Wednesday that Samsung’s announcement came despite SanDisk having outlined a path for further discussions of the offer. Samsung never contacted SanDisk regarding the proposal after SanDisk’s board wrote a letter to Samsung on 15 September, the statement said. “We believe this raises questions about the real motivations behind Samsung’s offer,” SanDisk said. In rejecting the bid, Sandisk’s board had determined the $5.85 billion takeover bid was “inadequate in multiple respects” and “opportunistic.” Suwon, South Korea-based Samsung had said the offer was “full and fair.” Samsung spokesman James Chung said Wednesday that a deal could still be done. “The point is at the moment SanDisk has been reluctant to begin serious discussion about the M&A issue,” he said. SanDisk is the world’s largest supplier of flash storage card products. Samsung is the world’s largest manufacturer of NAND flash memory chips used in digital devices such as cameras and music players. In his letter, Lee told SanDisk that Samsung had determined that acquiring the company amid what he called “growing uncertainties in your business” went against “obligations to our own shareholders.” Lee cited SanDisk’s third-quarter earnings results and its relationship with Japan’s Toshiba Corp. as points of concern. SanDisk announced Monday it had posted a loss of $155 million in the third quarter on a drop in revenue as excess inventory forced it to cut prices. The company said earlier that day it would sell to Toshiba, a Samsung rival, about 30% of the manufacturing capacity of their joint ventures. Source: World Business - Livemint.com | 22 Oct 2008 | 9:09 am Opec chief to discuss oil market with MedvedevMoscow: The head of the Opec oil cartel said he would discuss the oil market with Russian President Dmitry Medvedev on Wednesday but would not ask Russia to cut production, Interfax news agency reported. “I will meet today with the president,” OPEC Secretary General Abdalla Salem El-Badri was quoted as saying in Moscow. “I will not ask Russia to cut production. I will request an exchange of information about the situation on the market and the financial crisis,” he said. The meeting comes ahead of a Friday Opec summit widely expected to result in a production cut, as member countries fret about a plunge in oil prices to near $70 per barrel after highs of over $147 a barrel seen in July. Russia is the world’s largest producer of oil that is not a member of the cartel and competes with Opec member Saudi Arabia for the title of largest producer overall. Any closer cooperation between Opec and Moscow would vastly increase the market power of the cartel, which already pumps 40% of world oil, and would cause worries about the collective influence of the world’s dominant oil producers. Yesterday, El-Badri declined to say whether there would be a production cut but said: “If things keep as they are right now, the excess of supply will be huge in 2009.” The slide in the oil price has been driven by the global financial crisis and fears of a major economic slowdown in big oil-consuming countries like the United States. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 9:08 am Airlines to pay fuel dues in six monthly instalments by March 2009Airlines will pay all outstanding dues on aviation fuel to oil companies in six monthly instalments and will be given a credit limit of 90 days to purchase the current requirement of aviation turbine fuel (ATF), it was decided here Wednesday.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 9:01 am Areva T&D bags Rs 221 cr order from SAIL - Economic Times
Source: Google News India - Business | 22 Oct 2008 | 9:00 am Bank of India Q2 net up 79% at Rs763 crPTI Mumbai: Public sector lender Bank of India today announced a net profit of Rs762.8 crore for the second quarter ended 30 September, a 79.39% growth over the corresponding period a year-ago. The bank had a net profit of Rs425.2 crore in the same quarter last financial year, Bank of India said in a filing to the Bombay Stock Exchange. The total income of the bank rose to Rs4,612.2 crore for the quarter under review from Rs3,503.6 crore in the year-ago period. For the six month ended 30 September, 2008, Bank of India registered a net profit of Rs1,324.8 crore, against a net profit of Rs740.4 crore for the same period last fiscal. While, the total income rose to Rs8,727 crore for the six months ended 30 September current fiscal, from Rs8,612 crore in the same period of FY’08. Shares of the company were trading at Rs288.40, down 0.14% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 22 Oct 2008 | 8:46 am Wipro Q2 net below f'cast, sees muted growthBANGALORE (Reuters) - Wipro Ltd, India's third-biggest software services exporter, missed estimates with a 1.2 percent rise in quarterly net profit on Wednesday, joining their rivals in giving a muted forecast due to deteriorating global economic conditions.Source: Reuters: Money News | 22 Oct 2008 | 8:41 am \'Banks will slash interest rate, but not now\'The repo rate cut is a clear signal to slash lending rates, but it is debatable if banks would go the distance just yet, say economists.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 8:39 am Novartis looking to enter new areas within OTC divisionThe Rs 554crore Novartis India is targeting a Rs 90crore turnover this year from its overthe counter (OTC) division on the back of launching new brands and product offerings.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 8:38 am 3G auction to take place by Jan 15The ongoing liquidity crunch may not impact telecom operators plans to bid for third generation spectrum, with the Government deciding to conduct the auction in January.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 8:36 am Govt paves the way for limited liability partnershipsThe stage is being set for a new corporate form that would enable professional expertise and entrepreneurial initiative to combine, organise and operate in an efficient manner.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 8:35 am IRB nearing financial closure of SuratDahisar contractAt a time when liquidity is a major concern for corporates, IRB Infrastructure Developers Ltd, is nearing the financial closure of its SuratDahisar sixlaning contract for which the company needs Rs 2,800 crore.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 8:32 am Indian equities in red again on global nervousnessDespite the Indian government still being in a denial mode claiming the global financial tsunami is just one more turbulence that the economy will weather, Indian equities markets by tanking once again Wednesday proved that the shivers going down the spine of Indian as well as global investors will not subside in a few days or months but may take a couple of years, analysts said.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 8:30 am Airlines to pay fuel dues in instalments twice a year: Praful PatelAirlines will pay all the outstanding dues on aviation fuel to oil companies in instalments twice a year and will be given a credit limit of 90 days to purchase the current requirement of aviation turbine fuel (ATF), according to a decision reached at a meeting of civil aviation and petroleum ministers here Wednesday.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 8:00 am Yahoo to cut 1,400 jobs after lossesNew York: Yahoo announced plans on Tuesday to lay off at least 10% of its workforce, some 1,400 employees, as the weak economy cut deeply into third-quarter profits at the struggling Web company. Yahoo said net profit for the third-quarter of the year was $54 million or four cents per share, down from $151 million and 11 cents per share during the same period of 2007. It said revenues were $1.78 billion in the third-quarter, an increase of only one percent over the $1.76 billion in the same period last year. Yahoo has been losing ground on the Internet to companies such as Google, MySpace and Facebook and the economic slowdown has hurt the firm particularly hard as advertisers cut back on spending. “An increasingly challenging economic climate and softening advertising demand contributed to revenues this quarter coming in at the low end of our outlook range,” said Yahoo chief financial officer Blake Jorgensen. “While we are disappointed with our results, we’re pleased that we continue to benefit from the aggressive cost management efforts we have pursued during the year,” he said in a statement. “We have the balance sheet strength, liquidity, and free cash flow we need to continue to make progress on our core strategies as we address this slowdown,” Jorgensen added. The Sunnyvale, California-based Internet company said it would carry out its second round of layoffs this year in a bid to cut costs. “Yahoo expects to reduce its global workforce by at least 10% during the fourth quarter of 2008,” the company said, reducing its annual expenses by some $400 million. Yahoo, which had 14,300 employees at the end of June, already announced in January that it would be cutting more than 1,000 jobs this year. The announcement Tuesday is for a second round of cuts. In a bid to reverse its fortunes, Yahoo has rolled out several new products and entered into an advertising tie-up with Google but the deal has yet to receive a green light from US Justice Department anti-trust regulators. Google chief executive Eric Schmidt said on Tuesday that Google and Yahoo had extended their talks with the Department of Justice regulators examining their proposed search advertising deal. The Department of Justice had been expected to announce on Wednesday whether they would give the green light to the tie-up between Google and Yahoo, respectively number one and number two in the Internet ad market. Yahoo is hoping to earn hundreds of millions of dollars from the deal with Google in the first year alone. Yahoo’s share price has shed more than 40% over the past three months but it gained more than seven percent to $12.58 dollars in after-hours trading on Monday after the cost-cutting moves were announced. Yahoo’s management earlier this year rejected a $33-a-share takeover bid for the company from US software giant Microsoft, earning the ire of some shareholders. Source: Tech News - Livemint.com | 22 Oct 2008 | 7:17 am Deora meets airline bosses, executivesPetroleum Minister Murli Deora met chiefs and executives of airlines, along with Minister of Civil Aviation Praful Patel, to discuss payment of dues to oil companies.Source: Daily News & Analysis: Money News | 22 Oct 2008 | 7:11 am RBI's regulatory mechanism successful: IndiaReserve Bank of India's regulatory mechanism has proved quite successful during the current global economic meltdown, India's High Commissioner to the UK has said.Source: Daily News & Analysis: Money News | 22 Oct 2008 | 7:06 am Indian equities open lower on weak global cuesIndian equities opened lower Wednesday on weak global cues, especially worried over the poor performance on Wall Street, with investors rushing to book profits on previous day's gain.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 7:02 am Wipro posts 36 percent revenue growth, beats own projectionIT major Wipro Wednesday reported a profit of Rs.9.96 billion $203 million) for the second quarter of this financial year ended Sep 30, recording a 30 percent year-on-year growth to beat its own projection.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 7:02 am Surging iPhone sales spur Apple, shares stand strongSan Francisco: Apple Inc reported a stronger-than-expected 26% rise in quarterly profit, spurred by strong sales of its new iPhone and its shares rose 13% on Tuesday. Apple posted a six-fold increase in iPhone shipments during the September quarter, the first since it released a faster, next-generation model. The company said it sold 6.89 million iPhones during the quarter, outpacing Blackberry-maker Research in Motion Ltd. Oppenheimer analyst Yair Reiner called the iPhone shipments a “pretty stunning number” and said the company’s revenues do not fully reflect the strength of iPhone demand because Apple records sales from the phone over a two-year period. Apple, which is famously cautious in its outlook, issued forecasts for the important December quarter that were below Wall Street estimates, but investors and analysts said it was probably another example of Apple lowering expectations only to exceed them later on. “Looking ahead, visibility is low and forecasting is challenging and as a result we are going to be prudent in predicting the December quarter,” Apple Chief Financial Officer Peter Oppenheimer said in a news release. Apple reported a profit in its fiscal fourth-quarter ended 27 Septemberof $1.14 billion, or $1.26 a share, up from $904 million, or $1.01 a share, in the year-ago period. Revenue rose 27% to $7.9 billion. Analysts were expecting the company to post a profit of $1.11 a share on revenue of $8.04 billion, according to Reuters Estimates. The company said its fourth quarter figures would have been better if it fully accounted for iPhone revenue. Including deferred revenue from the iPhone, sales in the quarter would have reached $11.68 billion and $2.44 billion in net income. In the past, Apple had not provided adjusted figures, which include all the revenue it defers from the iPhone and Apple TV. If it had not deferred iPhone revenue, the phone would have represented 39% of Apple’s sales in the September quarter, according to the company. Apple executives said it was not sure how the economic downturn would affect it, but emphasized its product line-up was strong, its balance sheet solid and its customers loyal. “While they may postpone purchases in tough times, they’re unlikely to abandon them,” said Chief Executive Steve Jobs on a conference call with analysts. “We may get buffeted around by the waves a little bit, but we’ll be fine and stronger than ever when the waters are calm in the future.” For the holiday quarter ending in December, Apple forecast a profit between $1.06 a share and $1.35 a share on revenue of $9 billion to $10 billion. Analysts, on average, were expecting earnings of $1.69 on revenue of $10.7 billion in the period, according to Reuters Estimates. “As you look at the December quarter, it looks like pretty wide guidance and they’re missing the consensus by quite a bit,” said Vijay Rakesh, an analyst at ThinkPanmure. “It kind of goes hand in hand with what we’re seeing with the consumer spending slowdown.” In the September quarter Mac shipments increased 21% from last year to 2.61 million, while iPod shipments rose 8% to 11.05 million. The shares of Cupertino, Calif.-based Apple closed the regular session down $6.95, or 7.06%, at $91.49. In extended trading, the stock rose to $103.75. Source: Tech News - Livemint.com | 22 Oct 2008 | 6:54 am Have faith in India, PM tells Japan's investorsPrime Minister Manmohan Singh urged the country's industrialists to have faith in India's financial system.Source: Daily News & Analysis: Money News | 22 Oct 2008 | 6:52 am Wipro Q2 net up 19% at Rs978 crPTI Mumbai: IT services provider Wipro Ltd today said its consolidated net profit for the second quarter ended 30 September stood at Rs978.2 crore, a 18.76% growth over the corresponding quarter last fiscal. The company had a net profit of Rs823.7 crore in the corresponding period last fiscal, Wipro said in a filing to the Bombay Stock Exchange. Total income rose to Rs6,664.70 crore in the quarter under review, from Rs4,883.60 crore in the year-ago period. On the back-drop of global economic downturn, Wipro announced its revenue guidance for the December quarter to be about $1,121 million. “The global economic environment has deteriorated significantly over the past couple of months, and our outlook is cautious in the near-term... However, we are confident on the resilience of our business model to tide over these challenging times,” Wipro Chairman Azim Premji said. On a standalone basis, Wipro reported a net profit of Rs852.50 crore in the September quarter, while it had a net profit of Rs760.30 crore in the same period last fiscal. Standalone total income rose to Rs5,551.60 crore in the second quarter, from Rs4,245 crore in the year-ago period. For six-month ended 30 September, Wipro reported a net profit of Rs1,885.8 crore, against Rs1,549.3 crore in the year-ago period. Income from sales rose to Rs12,500.6 crore during the half-year, from Rs8,988.10 crore in the year-ago period. In March 2008, pursuant to the Bombay High Court order, Wipro had merged six of its subsidiaries with itself, with retrospective effect from 1 April, 2007. Hence, the figures for the quarter and six months ending 30 September are not comparable with that of the previous period. Source: Home - Livemint.com | 22 Oct 2008 | 6:51 am Pantaloon Q1 net up 22% at Rs36 crPTI Mumbai: Kishore Biyani-led Pantaloon Retail today said its net profit for the first quarter ended 30 September stood at Rs36.18 crore, a 21.85% growth over the corresponding period a year ago. The company had a net profit of Rs29.69 crore in the first quarter of the last fiscal, Pantaloon Retail said in a filing to the Bombay Stock Exchange. Total income rose to 39.11% at Rs1,512.37 crore for the quarter under review, from Rs1,087.17 crore in the year-ago period. Shares of the company were quoting at Rs223, down 0.04% in early trade on the BSE. Source: Home - Livemint.com | 22 Oct 2008 | 6:50 am $500 mn World Bank loan for IndiaThe World Bank has approved a $400 million loan to the Power Grid Corporation of India, designed to increase reliable power exchange between regions and states.Source: Daily News & Analysis: Money News | 22 Oct 2008 | 6:48 am Canadian dollar touches three-year lowThe Canadian dollar touched its three-year low against the US dollar, falling as low as 81.91 cents US during the day and closing at 82.15 cents US.Source: Daily News & Analysis: Money News | 22 Oct 2008 | 6:43 am Update: Asian stocks hit 4-year lows on economy fearsHong Kong: Asian stocks slumped to their lowest since December 2004 on Wednesday as poor US corporate results and falling commodity prices fanned worries of a protracted global economic slowdown. The US dollar surged to a two-year high against a basket of currencies on expectations that central banks around the world will react to slowing growth in their economies by catching up to this year’s deep interest rate cuts by the Federal Reserve. European stock index futures pointed to drops of up to 2.6% in early trade, darkening the outlook for global equity markets. The cost of protection against defaults in Asian debt spiked to records after Argentina moved to take over its private pension system, and as fears over debt defaults rocked confidence in emerging markets. Some Asian companies have been caught off guard by how much credit markets have tightened, which constrains their access to capital, as well as the pace at which global demand has dropped. “As the credit crunch has worsened, wholesale business inventories have risen, causing an alarming rise in inventories in Asia and emerging markets at a time when seasonally these are usually being drawn down,” said Sean Darby, chief Asia strategist with Nomura in Hong Kong. “We would expect earnings to be further revised down within Asia and global emerging markets,” he said in a note. Losses in Asian shares accelerated in the afternoon, with Japan ending down 6.8 percent, and South Korea slumping 5.1%. Mitsubishi UFJ Financial Group’s shares, which recently invested in Morgan Stanley dropped 8.8% after the Nikkei business daily said Japan’s top lender will sharply cut its half-year net profit estimate. The MSCI index of Asia-Pacific stocks outside Japan declined 5.1%, at one point touching its lowest since December 2004. Hong Kong’s Hang Seng index dropped 2.9%, with CITIC Pacific hit for a second day after warning of nearly $2 billion in potential losses from unauthorised currency trading. CITIC Pacific shares fell a further 6 percent after losing half of their market value on Tuesday. Earnings estimates for Asia-Pacific companies excluding Japan in 2009 have already fallen for four consecutive months, according to Thomson Reuters data. In the last month to 16 October, forecasts fell 3.44%, the biggest monthly decline since November 2001. Companies in Hong Kong, Singapore and Taiwan were all expected to post falling earnings this year, but were still seen having double-digit growth in 2009, according to global estimates tracker IBES. Source: Home - Livemint.com | 22 Oct 2008 | 6:37 am India is fastest growing market for Bell HelicopterAfter taking 52 years to sell its first 100 choppers in India, Bell Helicopter expects to sell its next 100 in less than five years.Source: Daily News & Analysis: Money News | 22 Oct 2008 | 6:02 am Pantaloon Q1 net up 22 % at Rs 36 crKishore Biyani-led Pantaloon Retail said its net profit for the first quarter ended September 30 stood at Rs 36.18 croreSource: Daily News & Analysis: Money News | 22 Oct 2008 | 5:44 am Fed rolls out new $540 bn aid to financial sectorWashington: The US Federal Reserve reached deeper into the troubled financial system, offering up to $540 billion of help to money market mutual funds in its latest response to the credit crunch. Under a new programme, the Fed offered the funds for an initiative led by the private sector to buy highly rated short-term debt, including certificates of deposit and commercial paper, from money market investors. The market for these assets, which in normal times are considered safe investments offering modest returns, has frozen up in recent weeks due to a lack of investors willing to take the risk of buying them. The new program “adds another tool to the Fed’s arsenal as it attempts to unclog the credit markets,” wrote analyst Ryan Sweet on Economy.com, a website run by the Moody’s rating agency. “The new facility is needed as it broadens the Fed’s moves to improve the commercial paper market.” Disruption in the market for commercial paper threatens companies, which issue the securities to raise cash for short-term needs such as salaries. The plan “should improve the liquidity position of money market investors, thus increasing their ability to meet any further redemption requests and their willingness to invest in money market instruments,” the Fed said in a statement. The central bank has created the Money Market Investor Funding Facility (MMIFF), which will provide financing to five private sector facilities to buy the assets, each managed by bank JPMorgan Chase, Fed officials said. The purpose of a money market fund is to provide investors with a safe place to invest in short-term, low-risk assets that earn a steady return and can be easily sold to raise cash. Source: Home - Livemint.com | 22 Oct 2008 | 5:37 am Chidambaram says fiscal deficit may exceed targetNEW DELHI (Reuters) - The Indian government's fiscal deficit in the 2008/09 fiscal year may exceed the budget target of 2.5 percent of gross domestic product, Finance Minister Palaniappan Chidambaram said on Wednesday.Source: Reuters: Money News | 22 Oct 2008 | 5:14 am India is fastest growing market for Bell HelicopterAfter taking 52 years to sell its first 100 choppers in India, Bell Helicopter expects to sell its next 100 in less than five years as the country has emerged as an important market for the US company, a top official said.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 5:00 am Oil falls over $1, demand worries trump OpecPerth: Oil fell over $1 to around $71 a barrel on Wednesday, extending a 4% slide in the previous session, on mounting worries that output cuts by Opec will not be enough to offset slackening energy demand in leading consumers. Expectations that a report from the US Energy Information Administration, due for release on Wednesday, would show a rise in crude stocks and product inventories also weighed on oil prices. US crude for December delivery was down $1.05 at $71.13. November crude expired and settled down $3.36, or 4.5%, at $70.89 on Tuesday, wiping all of Monday’s gains. London Brent crude fell 87 cents to $68.85. “Concerns over weakening oil demand have dampened the oil price, even though the Opec meeting is expected to lower production targets,” David Moore, commodities strategist from the Commonwealth Bank of Australia, said in a morning note. The slide occurred as Asian stocks fell on Wednesday, tracking losses in US markets on concerns that corporate earnings could be hit by slower consumer demand and that the global economy might be sliding towards recession. Japan’s benchmark Nikkei average was down 2.8%, Australia’s S&P/ASX 200 down 2 percent and Hong Kong’s Hang Seng opened down 1.1%. Inventory outlook The price of oil has slid 50% since hitting a record high above $147 in mid-July. It briefly touched a 16-month low of $68.57 last week on worries that the financial crisis would slash energy demand in the United States, the world’s largest energy consumer, and other industrial countries. A Reuters poll of US inventory data due out later on Wednesday calls for crude oil to show a 2.6 million barrel build. Also forecast is a 100,000 increase in distillates and a 2.8 million barrel build in gasoline stocks. US weekly retail gasoline demand to 17 October fell 6.4% year-on-year, Mastercard Advisors said Tuesday, though it rose compared with the previous week. The Organization of the Petroleum Exporting Countries (Opec) was due to meet in Vienna on Friday and is expected to reduce output to defend prices and temper the effects of the financial crisis. Opec Secretary General Abdullah al-Badri has led the call for output cuts, telling reporters on Tuesday that the world would face a huge oversupply of oil next year, if leading producers failed to cut supply. Though oil prices staged a strong rally earlier this week on expectations that Opec would make significant cut to output, fears of a global recession have returned to haunt commodities. The current US economic downturn could be worse than the 1990-91 recession, with growth restrained for as long as one to three years, a top Federal Reserve policy-maker said on Tuesday. Source: Home - Livemint.com | 22 Oct 2008 | 4:04 am Day Trading GuideSource: Business Line - Home Page | 22 Oct 2008 | 12:00 am Tata Chemicals (Rs 176.95): BuyWe recommend a buy in Tata Chemicals from a short-term horizon. It evident from the charts of Tata Chemicals that it was on an intermediate-term downtrend from its 52-week high of Rs 440 (recorded on May 29), forming lower bottoms and lower peaks.Source: Business Line - Home Page | 22 Oct 2008 | 12:00 am RNRL agrees to Govt becoming a party in RIL gas caseMumbai, Oct. 21 The division bench of the Bombay High Court on Tuesday allowed Government of India to be a party to the ongoing dispute between RIL and RNRL over sharing of natural gas from KG basinSource: Business Line - Home Page | 22 Oct 2008 | 12:00 am Hero Honda Q2 net up 50% on rising volumes, cost cuttingHero Honda Motors Ltd, which has about 55 per cent share of the country’s motorcycles market, boosted its net profit by 50 per cent to Rs 306 crore for the second quarter ended September 2008.Source: Business Line - Home Page | 22 Oct 2008 | 12:00 am More measures likely to stimulate economyNew Delhi, Oct. 21 Amid concerns of a slowdown in the global economy in the wake of the worst financial turmoil, the Union Finance Minister, Mr P. Chidambaram, on Tuesday told the Lok Sabha that the Government would look to further stimulate theSource: Business Line - Home Page | 22 Oct 2008 | 12:00 am Credit squeeze unlikely to hit spices exportKochi, Oct 21 Exports of spices from the country are unlikely to be affected by the current financial turmoil world over, as these items are essential foodSource: Business Line - Home Page | 22 Oct 2008 | 12:00 am Value addition boosts SAIL profit 18% in second quarterNew Delhi, Oct 21 Steel Authority of India Ltd (SAIL) announced an 18 per cent increase in its profit after tax (PAT) for the second quarter of the current fiscal at Rs 2,009.6 crore, propelled by a 33 per cent increase in the production of valueSource: Business Line - Home Page | 22 Oct 2008 | 12:00 am Lending list two out, NTPC topsMumbai, Oct. 21 The Securities Exchange Board of India on Tuesday released the second set of data on securities lent overseas by FIIs between October 15 and OctoberSource: Business Line - Home Page | 22 Oct 2008 | 12:00 am India-Japan trade talks beginTrade Ministers of India and Japan have urged negotiators to resolve the remaining issues coming in the way of the proposed Comprehensive Economic Partnership Agreement (CEPA) between the twoSource: Business Line - Home Page | 22 Oct 2008 | 12:00 am Meet today to resolve jet fuel dues issueTo amicably resolve the contentious issue of unpaid jet fuel bills of the public sector oil retailing companies by domestic airlines, the Ministers of Petroleum and Civil Aviation have called for a meeting of the industry and officials here onSource: Business Line - Home Page | 22 Oct 2008 | 12:00 am Rethink required on imitating the American model of developmentThe evolving crisis in the American financial system is only a symptom and the disease is more deep rooted.Source: Daily News & Analysis: Money News | 21 Oct 2008 | 10:17 pm Don't buy unfinished homesWant to buy a home this festive season? Then don't go for a one that is still under construction, warn experts in the realty sector.Source: Daily News & Analysis: Money News | 21 Oct 2008 | 10:17 pm Norway to put $2bn in India's stock marketNorway will invest around $2 billion in India's stock market "from now up to January", Thorvald Moe, deputy secretary in Norway's finance ministry, announced on Tuesday.Source: Daily News & Analysis: Money News | 21 Oct 2008 | 10:16 pm No plans for discounts: SudMumbai: Ravi Sud, chief financial officer of Hero Honda Motors Ltd, talks about the company’s second-quarter results and his outlook for the remaining half of the year. Edited excerpts: At a time when most automakers are faced with dented profit and margins, how has Hero Honda managed a double-digit growth in volumes and profit? It hasn’t come as a surprise, effective July we have seen a 40% (volume) growth, even in August and September we have done better than the industry. There  Mixed outlook: Ravi Sud sees some slackness in December. But hasn’t garnering volumes from these smaller towns and cities been an issue? How have you managed to tide over financing issues in these regions? We have been tying up with retail financiers and root-level financiers. We started tying up with regional financiers like Shriram Transport Finance Co. Ltd., which is very strong in south (India). We had an agreement with them in February 2008. We also tied up with Fullerton India Credit Company Ltd., which was only in consumer durables, in June 2008. Apart from that we also got into agreements with Grameen Bank and co-operative banks and micro finance companies which are present in smaller towns and villages and have very small loan portfolios. How much is the volume growth for real considering companies resort to channel stuffing in anticipation of the demand during the festive season and how sustainable is the growth? In the first half of (fiscal) 2007-08, the motorcycle industry had declined by 12%. So if the numbers in the first half in the current year are growing, it is mainly because of the lower base of last year. It was in October 2007 that the industry started recovering a bit. In the current year, with the industry having witnessed a healthy growth, sales in the second half will taper off. Also, the festival season will come to an end by October-end. There will hence be some slackness in sales in December because people then also wait for newer models to come. At the end of the year, we may land up with single digit growth. What’s your outlook on the margins? In our industry, input costs account for 70-75% of total production cost. We are talking at a time when pressure on commodity price is lower. It has started happening only in September. Going forward, the impact will percolate even to Indian commodities. Hence it should have a positive impact on Q3 and Q4. Do we see it getting translated into sales? As of now there are no plans of offering any discounts. It’s the first year since (seven to eight years that) I have been working in Hero Honda (that the company) has not offered discounts. We are using money to build brands, we are using it as a long term investment to have an impact on consumers’ mind. As on 30 March, 2008 you had surplus cash of Rs2,700 crore. What do you plan to deploy it for? Yes, it is true we are have surplus cash. We are partly using this to help our associates and dealers who have seen a very difficult liquidity situation in the last two months. For the vendors we have been releasing payment on the dot. All our dealers need temporary limits to stock up for the festive season. We had anticipated that banks will start asking for collaterals, which dealers will not be able to provide. So we have extended the temporary capital limit for our dealers to Rs425 crore. Some of it will be needed for (the) company to take care of expansion and inventory, etc. Apart from that we are left with surplus cash, it’s for the board of the company to decide and take an appropriate action at an appropriate time. Source: Home - Livemint.com | 21 Oct 2008 | 7:13 pm IITs fear dip in endowment funds as global economy slowsIn August this year, the founder of Symphony Group, Romesh Wadhwani, gifted his alma mater the Indian Institute of Technology-Bombay (IIT-B) $5 million (around Rs 25 crore) for aSource: Business Standard | Front Page Headlines | 21 Oct 2008 | 6:55 pm Norway fund to invest $2 bn in Indian stocksEven as foreign institutional investors rapidly pull out their money from Dalal Street, Norways sovereign wealth fund, the worlds second largest, is set to invest $2 billion in IndianSource: Business Standard | Front Page Headlines | 21 Oct 2008 | 6:54 pm Deora calls airlines, oil firms for meet on duesPetroleum Minister Murli Deora will meet Civil Aviation Minister Praful Patel and chiefs of airlines and oil companies to discuss a solution for dues of over Rs 2,000 crore that the domestic carriersSource: Business Standard | Front Page Headlines | 21 Oct 2008 | 6:52 pm ECB, FDI norms may be easedThe government and the Reserve Bank of India (RBI) are looking at easing external commercial borrowings (ECB) guidelines and foreign direct investment (FDI) norms to enhance overseas fund flows.Source: Business Standard | Front Page Headlines | 21 Oct 2008 | 6:51 pm Phoenix launches Zuri brand of hotels in IndiaPhoenix Group Global, a promoter of luxury resorts, Tuesday announced the launch of its own brand of Zuri luxurious hotels and resorts in India.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 6:32 pm 'US recession not to affect emerging economies'The US recession will not affect the GDP growth of the emerging economies, an analyst said here Tuesday.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 6:31 pm Tata Motors betting on innovative tech to boost salesTata Motors has been witnessing a slow period in its passenger car sales. But the company is now working full time on innovative technologies to overtake the competition and also stimulate demand for its cars. In fact, one of the technologies will be the same as seen in Land Rover\'s Freelander model, which is due out sometime next year.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 6:21 pm CSIR to set up universityNew Delhi: The Council of Scientific and Industrial Research, or CSIR, the country’s largest publicly funded research body, plans to set up a university to increase the number of doctoral candidates which, scientists say, is crucial to boosting research output. The organization hopes to generate 1,500 PhDs a year, up from the current 400 “It’s always doctoral and post doctoral students who do all the research work. So lack of students means lack of research,” said Raghunath Mashelkar, former director general of CSIR. The proposed university—the CSIR Advanced Institutes of Science and Technology—will be spread across CSIR’s 38 laboratories. Resident scientists at each laboratory will double up as teachers, said a senior CSIR official who said he can’t be named because the proposal is yet to get cabinet approval. With a technical staff of at least 12,500 that includes 4,500 scientists, CSIR has a big faculty to choose from, and most of them are involved in industrial research that emphasizes generating patents and publications. Students who wish to pursue their doctoral studies at CSIR now must first sign up with another university and have to comply with the rules and regulations of both the university and the research body. “Our primary aim is to boost the number of quality PhDs (doctors of philosophy) and free students from the bureaucratic requirements of signing up with one university and pursuing research at a CSIR lab,” the official said. The official added that the institution could be among the 14 so-called “world class” universities that Arjun Singh, Union minister for human resources development, had announced in March. Once the university is set up, the research organization hopes to generate 1,500 PhDs a year, up from the current 400. Though there are no precise estimates for the deficit in the number of PhDs from India, N. Balakrishnan, associate director of the Bangalore-based Indian Institute of Science said the Chinese university system produced 16,000 PhDs as compared with India’s 4,000, in 2006-2007. Moreover, as reported in Mint on 19 June, only 2.4% of the total research publications in 2006-2007 were from India compared with 10.49% from China. The research was conducted by the National Institute of Science Technology and Development Studies, or NISTADS, a CSIR body, using a database called Scopus, that hosts around 15,000 international peer reviewed journals in science and technology. “In case India has to catch up with China, it has to quadruple its publications growth rate to at least 30% per annum by 2010,” said B.M. Gupta, lead author of the study and a professor at NISTADS. Source: Tech News - Livemint.com | 21 Oct 2008 | 5:50 pm Sonodyne plans to enter Japan, expand in US Kolkata: The country’s oldest manufacturer of high-fidelity home and professional audio systems, Sonodyne International Pvt. Ltd, plans to enter the Japanese market and compete with the biggest electronics firms for a share of one of the world’s most fastidious markets.  Early starter: Ashoke Kumar Mukherjee founded Sonodyne in the late 1960s when stereo sound was still an alien concept to the nation. Indranil Bhoumik / Mint A cult name for a generation of Indian audiophiles now in their 30s and 40s, Kolkata-based Sonodyne plans to take its professional audio systems to Japan after having successfully penetrated advanced markets including Australia, Hong Kong, Singapore, Canada and the US, besides Europe. At present, 80% of its revenues come from exports, and Germany is its biggest market by sales. The privately held company declined to reveal sales figures. “A section of people are no longer enamoured by brand names. As long as you can give them a great product with a reasonable price tag, it will sell,” said managing director Ashoke Kumar Mukherjee. “We have been able to establish ourselves in that segment for the past three decades.” Mukherjee founded Sonodyne in the late 1960s when stereo sound was an alien concept to a nation still tuned into mono radio. Beginning with battery eliminators, the company started making hi-fi stereo amplifiers and speakers, loudspeakers and turntables in the 1970s and component audio systems in the 1980s, according to its website. Audiophiles who have heard music on a Sonodyne sound system swear by its quality. Anupam Saha, a 45-year-old banker, bought Sonodyne’s Uranus system in 1985 for Rs5,500. “The quality of sound that Sonodyne offered remains unparalleled till date,” he said. Sonodyne is about to appoint distributors in Japan, home to electronics giants such as Sony Corp. and Panasonic Corp., and its products are being examined by potential partners, Mukherjee said. The audio-visual market in Asia-Pacific is expected to grow to $18 billion (Rs87,840 crore) by 2010, according to the website of Infocomm International, a trade association of professional audio-visual and information communications industries. Sonodyne is also looking to ramp up sales in the US and Canada. Because these are big markets, Sonodyne would concentrate on certain areas, and not the whole of North America, according to Mukherjee. “Since we produce locally (in India), we are able to offer our products at a better price, but manage to keep their quality intact. We have proved that we are not a fly-by-night operator and people vouch for our products,” said Mukherjee, whose company has manufacturing bases in Kolkata and Mumbai. Sonodyne is raising production capacity at its factories to match the projected demand from Japan and North America. The company claims to be unfazed by the global credit crunch as well. It said it has enough cash to fund expansion, but Mukherjee admitted the company will have to eventually raise cash by selling shares to finance its growth. Sonodyne is also trying to mitigate risks by developing different products for different markets and price points. “Any country will have ups and downs…that’s why you have different products. It’s a challenge, but a great opportunity, too,” added Mukherjee. The almost four-decade-old company’s sales have been growing 40-50% annually for the past few years, and Mukherjee said he hoped to maintain the growth rate. Alongside expansion in developed markets, the company is trying to improve its visibility in India by launching more so-called Listening Rooms, or exclusive showrooms, in high street shopping malls. Sonodyne currently sells a small range of home audio systems, and revenue from this segment is minuscule compared with contract manufacturing and sales of professional audio systems. “In about a year’s time, (we) hope to give lot of new products to Indian and (the) global market,” said Mukherjee, adding that the firm plans to enter the car audio business as well. In India, Sonodyne has around 40 engineers working at its research laboratories in Kolkata and Mumbai. Source: Tech News - Livemint.com | 21 Oct 2008 | 5:17 pm India’s moon rocket to spur launch businessChennai: The country’s space programme takes a giant leap on Wednesday with the launch of its first lunar mission that marks India’s promotion to the same league as regional powerhouses Japan and China. The unmanned lunar orbiting spacecraft Chandrayaan-1 is scheduled to blast off aboard an Indian-built rocket at 6.20am on Wednesday from Sriharikota in Andhra Pradesh. For India, the $80 million (Rs390 crore) mission puts the country on the inside track of a fast developing Asian space race. “It is a proud moment for us,” said science and technology minister Kapil Sibal. As well as looking to carve out a larger slice of the commercial satellite launch market, India, Japan and China see their space programmes as an important symbol of their international stature and economic development. The Chandrayaan-1 is being sent on a two-year orbital mission to provide a detailed map of the lunar surface’s mineral, chemical and topographical characteristics. India first staked its case for a share of the commercial launch market by sending an Italian satellite into orbit in April last year. In January, it launched an Israeli spy satellite despite Iranian protests. G.K. Menon, former head of the Indian Space Research Organisation, said the Chandrayaan-1 mission reflected the “remarkable success” of India’s domestic programme. “After this, the next step will be sending a manned mission to the moon for which trials have already begun.” India still has a long way to go to catch up with China which, together with the US, Russia and the European Space Agency, is already well established in the commercial launch sector. Chinese officials have spoken of a manned mission to the moon in the future, following the US and the former Soviet Union, after carrying out a space walk last month. A more immediate goal is to establish an orbiting space lab, with Beijing’s ambition to develop a full-fledged space station by 2020 to rival the International Space Station, a joint project involving the US, Russia, Japan, Canada and a clutch of European countries. Japan has also been boosting its space programme and has set a goal of sending an astronaut to the moon by 2020. Japan’s first lunar probe, Kaguya, was successfully launched in September last year, releasing two baby satellites which will be used to study the gravitational fields of the moon among other projects. As well as the commercial ramifications, the development of a space race in Asia has security implications, with the potential for developing military applications such as intelligence gathering and space-based weapons. Earlier this year, Japan scrapped a decades-old ban on the military use of space, hoping to remove any legal obstacles to building more advanced spy satellites. India started its space programme in 1963, developing its own satellites and launch vehicles to reduce dependence on overseas agencies. Source: Tech News - Livemint.com | 21 Oct 2008 | 5:17 pm RIL, RNRL want govt as third party in legal disputeThe Ambani gas tussle resumed at the Bombay High Court today and it might soon include a new party to the legal proceedings. Both RIL and RNRL want government as the third party.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 4:54 pm GE Transport, Bharat Heavy Electricals join hands for railway tenderLocomotive technology major GE Transportation (GET) and the state-run Bharat Heavy Electricals Ltd (BHEL) have joined hands to jointly bid for the 1,000 diesel locomotive tender issued by the Indian Railways.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 4:03 pm Murli Deora to meet oil cos, airlines on WednesdayThe Oil Minister, Murli Deora said that he is meeting oil companies and airlines on Wednesday to discuss jet fuel dues. Airlines owe over Rs 1,000 crore to PSU oil retailers.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 2:57 pm
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